BioMar ended 2022 with a strong final quarter, beating its own earnings guidance of DKK 1 billion EBITDA. Overall, the company achieved an increase of 11% in earnings compared to 2021, while revenue grew by 34%. Strong development in the company’s salmon and Latin America divisions during 2022 compensated for weaker results in Europe, the Middle East and Africa.
In addition to its consolidated results, BioMar has doubled those of its non-consolidated joint venture feed companies, achieving particular success with BioMar-Sagun, its joint venture with Turkish aquaculture and fisheries group Sagun.
Exit from Russia and rising energy costs
Looking back at the year as a whole, CEO Carlos Diaz says he views the company’s performance as “a decent result, despite the global volatility”.
It has been a tumultuous past year for the company, most notably because of BioMar’s exit from the Russian market in March 2022. The war in Ukraine prompted the decision to cease all trading with Russia, including sales of finished products and the sourcing of raw materials. BioMar was also impacted by high energy prices and increased costs due to inflation.
Sustaining a “healthy business”
“We are very satisfied with the performance of the group. We have been significantly affected by our exit from Russia and the increased raw material and energy prices, but we have managed to sustain a healthy business, continuing our growth strategy while expanding into the technology space”, Diaz said in a statement.
“Financially, we had a slow start of the year due to several one-offs and the impact of global inflation. However, our people around the world have made a tremendous effort building new and creative commercial solutions through an agile collaboration with customers,” the CEO added.
“We are progressing as planned, executing on our 2028+ strategy ‘Above and Beyond’, both in terms of growth, product offerings, and increased efficiency,” Diaz said.
In addition to its core product offering in aquaculture feed and nutrition, BioMar has just announced the launch of a new product category, bioremediation for shrimp aquaculture. The new line is expected to become available in Ecuador before launching in other countries in South America and Asia where the company operates. As part of its strategy, BioMar is also partnering with food technology company Benson Hill to advance its responsible sourcing program.
BioMar is a world leader in high performance diets for more than 45 different fish and shrimp species in more than 80 countries. Founded in 1962 by a group of Danish fish farmers, BioMar’s heritage is a long-term commitment to developing the aquaculture industry in a responsible and sustainable way.